Topic: What if MT Gox goes under? - page 2. (Read 2882 times)

Is no one worried about Huobi though?  I mean, they could get shut down tomorrow based on the way they operate.  Their little game they pulled yesterday affected every exchange; the drop came from Huobi, with Bitstamp and BTCe following an hour or so after.

If Huobi has that much power, but are at risk of closing at any moment, I'd say the time to go all in is not until they are gone. 

Bots pushing spot price up to Ask wall or down to Bid wall (normally up to ask wall), or indeed multiple bots fighting with each other over which wall the spot price leans against is par for the course with Bitcoin exchanges. But go and look at Gox's 1 or 3 minute charts. That there is blatant mechanical trading and not much else. Stamp and BTC-E were almost as bad just a couple of days back when the price holding on there was as palpable as I have ever seen it, causing huge disagreement between buyers and sellers, resulting in huge Ask and Bid walls building up, before one great massive order would be triggered and within a mouse click 800 BTC would be traded and the price would drop just $4 or something stupid like that.

Hmmm....price being blatantly manipulated to hold up against all the weight of organic market forces that want to push it back down whilst there are huge instantaneous cash-outs happening all over the place where some whale-rat shifts half a million worth of Bitcoin with the price just slipping a few dollars as he does it?

I WoNdEr WhAt iS gOiNg oN?

Seems like a great moment to go all-in, long Bitcoin, to me!  


$140 yesterday

$170 right now.

Gox is in its death throws. It is already dead but mimicking life.

I lol whenever I see someone conduct Bitcoin TA using a Gox chart. It is a early way of knowing whether the analys is worth listening to or not.

{self}

#manytimes #suchamesuare #wow 

Uplink Trailer
http://www.youtube.com/watch?v=N3DGlytq6AE

sorry I am out ... is it something regards satellite up link

The divergence between Gox and Bitstamp, BTC-E and Huobi persists and even grows.
Maybe some players withdrew coins from Gox and are cashing out on other exchanges, or moved into Doge.
Considering that Gox has lost a lot of market share, I believe that basing TA on Gox data only is a mistake.

When you say "short term charts" how short term are you looking at?  I mean, for sure there is human trading happening there but I can't deny the massive use of bots. I've seen some odd things happen on Huobi that I can't explain.  I don't day trade so it was the first time I really "watched" for a while, but it just looked like a bot was painting the tape yesterday pulling the price down, but then the bot suddenly stopped and went the other way.  I say bot because it was too quick to be human.  For example, in an upwards movement, the price was say Y4700 then immediately an order for 0.001 BTC (less than $1) would go through at a price of Y4699.99.  I watched this happen off and on for a couple of hours, typically 0.001 - 0.005 BTC.  Then it reached bottom and it reversed, looking like it was trying to drive it back up. I mean, I pretty much watched the whole thing unfold.

Again I don't normally watch the orders like that on a regular basis but I am not completely illiterate in TA and reading charts, this just looked odd.  I do believe a lot of the volume is real considering the 2:1 margin they use, but there is the possibility Huobi itself is trading and making these moves. 

Then again maybe I am completely dreaming who knows.

Not only is Gox volume pretty low, but its volume is totally synthetic. The same coins being passed between accounts by exchange operated bots.

Whatever else anyone wants to say about Huobi, its candlesticks are about as organic on the short term charts (created moreso by humans making trades as opposed to bots), than any of the charts of the other major exchanges. With 0% trading fees, this obviously encourages a high velocity of trades but it still can't be denied, that there are a lot of coins in Chinese hands and one would have to think that if the increasing official stigmatisation of Bitcoin in China continues, and Huobi is indeed shutdown, then many of these coins are going to end up on some USD exchange queuing up to be cashed out.

it's easier to build a large amount of money on the site if you can't get the money off of there...

There is nothing wrong with the Japanese banking system.  Any problems are Gox's problems.

Isn't their volume just a bunch of bots selling the same coins to each other over and over again?

What if Huobi goes under?  I mean, MtGox volume is pretty low lately.  But Huobi is a disaster waiting to happen.

It's quite sad to watch...

They could have added LTC months ago to keep the ship a float, but no they couldn't even do that.

Either someone or something is dragging them down behind the scenes, or they're just a bunch of incompetent morons.

Right now it's lost a humongous amount of credibility with people who know what's what. I don't think anyone here would be too shocked if its slow decline ended in its death.

On the other hand the media would without a doubt go absolutely ballistic and it would be the number one Bitcoin story for a long time. Perception counts for a lot and so perhaps it would slow progress quite a bit.

What I can't quite get my head around is that they're throwing away their position in the market when they're still the benchmark for so many people. They should've relocated to a country with an operating bank system months or years ago.

There's a lot of talk going around about Gox facing a shutdown in the forseeable future. While I don't think this is very likely, there has been a sharp decline in its use and effectiveness as an exchange in recent months. If it were to ever 'go under' what effect would that have on the market?

If Bitcoins are lost, does that mean they skyrocket, or does fear and the bad press on what was once BTC's strongest and most influential exchange drop the price?

Thoughts?